EverQuote, Inc. reported significant financial improvements in its third quarter and year-to-date results for 2024, as detailed in its 10-Q filing. For the three months ended September 30, 2024, the company achieved total revenue of $144.5 million, marking a substantial increase of 162.7% from $55.0 million in the same period of 2023. For the nine months ended September 30, 2024, revenue reached $352.7 million, a 51.9% increase from $232.2 million year-over-year. The growth was primarily driven by the automotive insurance vertical, which saw a revenue increase of $86.9 million for the quarter and $127.6 million for the nine-month period, attributed to heightened carrier spending for referrals.
Net income for the third quarter of 2024 was $11.6 million, a turnaround from a net loss of $29.2 million in the same quarter of 2023. For the nine months ended September 30, 2024, net income totaled $19.9 million, compared to a net loss of $44.9 million in the prior year. Adjusted EBITDA also showed marked improvement, rising to $18.8 million for the third quarter and $39.3 million for the nine months, compared to losses in the same periods of 2023.
Operating expenses increased, with total costs for the third quarter reaching $132.9 million, up from $84.4 million in 2023, largely due to a rise in advertising expenses, which surged to $100.6 million from $35.6 million. The company’s focus on consumer traffic growth and advertising efficiency is evident, as it plans to adjust spending based on profitability.
EverQuote's balance sheet reflects a strong cash position, with cash and cash equivalents increasing to $82.8 million as of September 30, 2024, compared to $38.0 million a year earlier. Total assets rose to $180.5 million, up from $110.9 million at the end of 2023. The company reported total stockholders' equity of $117.7 million, an increase from $80.9 million at the end of 2023.
Strategically, EverQuote has been adjusting its operations, including a reduction plan implemented in June 2023, which has led to decreased personnel-related costs. The company has also exited the health insurance vertical, impacting revenue from other insurance lines. Additionally, EverQuote is preparing for regulatory changes, including new consent requirements for telemarketing, which may affect future revenue streams.
Overall, EverQuote's performance in 2024 reflects a significant recovery and growth trajectory, particularly in the automotive insurance sector, while navigating operational adjustments and market challenges.
About EverQuote, Inc.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.